Module 1 level 5 leadership | cjus610

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Module 1 Level 5 Leadership

Using the Hedgehog Concept, Collins argued that leaders are hedgehogs, not foxes. Foxes are good at many things. Hedgehogs are good at 1 big thing and are able to distill everything down to 1 simple workable idea. Accordingly, to be a great company, the CEO would have to ask: 1) what is the company best at; 2) what economic denominator drives the company; and, 3) what are the employees passionate about? Using this formula, Collins notably claims that Wells Fargo discovered that their economic driver was not profit per loan but profit per employee. Consequently, they pioneered electronic banking with the idea that they would “run a business like they owned it” and ended up turning that employee profit into superior results.

Although Collins does not empirically define these results, Wells Fargo’s profit summaries since 2001 reflect as much. In 2016, a former employee revealed that Wells Fargo had been involved in elaborate schemes to defraud customers by using their information to create phony accounts without their knowledge. Still trying to recover from the $1.2 billion housing settlement in February of 2016, this disclosure resulted in yet another $185 million in fines by the Securities and Exchange Commission (SEC). Consequently, the CEO resigned and the Department of Justice (DOJ) is now investigating the company. Wells Fargo shares have lost nearly 16% of their value.

For your discussion, you must first determine if Collins was incorrect to begin with. Did Collins simply misinterpret how Wells Fargo reported their successes after 2001? Or was it something internal at Wells Fargo that caused the Hedgehog Concept to go awry? If so, how could profit per employee go so wrong? Most importantly, where was the failure in leadership and why?

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July 1, 2023

61.When there is a shortage in a market, prices are likely to:

A. Fall because buyers do not wish to buy as much as sellers want to sell.

B. Rise because some buyers will offer to pay a higher price.

C. Fall because sellers are likely to reduce their production if prices rise.

D. Rise because the government will put a price ceiling in place.

62.If a market shortage exists:

A. The invisible hand will work to reduce the price.

B. The only solution is for the government to raise the price.

C. Producers will compete for customers by reducing prices.

D. Consumers will compete for the product by offering to pay more.

63.A market surplus occurs when:

A. People cannot buy the amount of goods and services that they are willing and able to buy.

B. The price is less than the equilibrium price.

C. The quantity supplied exceeds the quantity demanded at a given price.

D. There is a price ceiling.

64.When there is a surplus in a market, prices are likely to fall because:

A. Buyers do not wish to buy as much as sellers want to sell.

B. Some buyers will offer to pay a higher price, initiating a move up the supply curve.

C. Sellers are likely to increase their production.

D. Buyers will wait for the government to establish a price floor.

65.If a market surplus exists:

A. The only resolution is for the government to set the price.

B. Consumers will compete for the product buy offering to pay more.

C. Producers will compete for customers by reducing prices.

D. The equilibrium price is equal to the price ceiling.

66.If demand is constant, a decrease in the supply of gasoline will cause the equilibrium price:

A. To rise and quantity to fall.

B. And quantity both to rise.

C. To fall and quantity to rise.

D. And quantity both to fall.

67.If demand is constant, a leftward shift in the supply curve will result in:

A. A decrease in equilibrium quantity and a lower equilibrium price.

B. An increase in equilibrium quantity and a lower equilibrium price.

C. A decrease in equilibrium quantity and a higher equilibrium price.

D. An increase in equilibrium quantity and a higher equilibrium price.

68.The price of chocolate candy bars rises. This could be due to:

A. A decrease in the wage rate paid to workers in the candy bar factories.

B. A decrease in the cost of chocolate, which is used to produce candy bars.

C. A subsidy by the federal government for the producers of chocolate candy bars.

D. A decrease in the number of chocolate candy bar producers.

69.If demand is unchanged, a rightward shift in the supply curve for plasma TVs will cause:

A. A decrease in equilibrium quantity and a higher equilibrium price.

B. An increase in equilibrium quantity and a higher equilibrium price.

C. An increase in equilibrium quantity and a lower equilibrium price.

D. A decrease in equilibrium quantity and a lower equilibrium price.

70.Which of the following would cause a decrease in the price of automobiles?

A. A technological advance in automobile manufacturing.

B. An increase in the wages paid to automobile assembly line workers.

C. A decrease in the cost of gasoline.

D. An increase in the number of buyers.